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June 04, 2023Algorand trades at $0.153 after gaining $0.002 (1.23%).
As the trading day comes to an end, chart analysis indicates Algorand USD price action is currently oscillating around the $0.152 resistance level with prices moving above and below several times during the session. With regards to technical trend indicators, chart analysis show that although up today, early price action saw Algorand dropping below its 10 day Simple Moving Average at $0.151 — an early indicator that a new downward trend could be emerging. Analysis based on the asset volatility indicates that Algorand's lower Bollinger Band® is at $0.142, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests Algorand has no clear-cut direction.
Algorand shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Ripple moves up 4% to trade around $0.54. Solana gained 4.6% and is now trading at $22.18.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (May) scheduled to come out tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.
On a negative trend for around 2 months. Having soared to a high of $0.424 approximately 6 months ago, Algorand is now trading 64.34% lower.
